Oil prices jumped more than 25% on Monday, reaching their highest point since mid-2022. The energy markets are feeling anxious as the crisis in the Middle East escalates near the Strait of Hormuz, a key route for about one-fifth of the world's oil supply. At 0451 GMT, Brent crude futures increased by $24.96, or 27%, pushing the price to $117.65 per barrel, indicating it might record the largest daily increase ever. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures rose by $25.72, or 28.3%, reaching $116.62. Earlier on Monday, WTI had soared 31.4% to a peak of $119.48 per barrel, while Brent also climbed as high as 29% to $119.50 per barrel. Prior to this surge, Brent had already increased by 27% and WTI by 35.6% in the previous week.
General
Oil is now up 25% and on track for a record daily jump
